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- [00:07]
A
All right, next up is a question from the second rush. He says, hi, money guy team. My wife and I are 30 and have nearly $500,000 between our retirement and brokerage accounts.
- [00:18]
B
Wow.
- [00:19]
A
Doing really well.
- [00:20]
C
Battlewealth.com work with us. Go ahead.
- [00:23]
A
I want to buy a small business to operate in 3 to 5 years. Can I pull back on 401k contributions to fund the acquisition? And also I think for most of the money guy audience, like, knowing when it's time to take that next step into other investment projects. How do you know that you're ready?
- [00:41]
C
Well, okay, so this is where to answer this question. The second rush. We've got to go, like, back to, like the very base fundamental of a belief that we have. And our belief is that money is nothing more than a tool that allows you to accomplish the goals that you have. And so for a lot of people, one of their goals is financial independence. I want to be able to retire. I want to be able to live off my money. I want to be able to work because I want to, not because I have to. But for some other people, one of their goals might be entrepreneurship, and it might be being able to be your own boss and do your own thing. And you and your spouse, what you have to do is you have to sit down, you have to list out, hey, these are our goals. Our goal, we have a goal of financial independence and a goal of entrepreneurship and a goal of starting a family and a goal of buying a house and a goal of, you know, fill in the blank. And then you have to prioritize those goals. And as you prioritize the goals, you would begin to develop some clarity around, okay, what goals does it make sense to pursue and on what timeline? Because obviously at 30 years old, with $500,000 of investments, currently invest. If you went to moneyguy.com resources, you checked out our wealth multiplier tool, and you just put that $500,000 into the wealth multiplier to see what it could turn into by the time you get to 65. I want to say the wealth multiplier for a 30 year old is like 23, right? So we're talking about 500,000 times 23. It's a really, really big number. So obviously you've done some great work. Is it okay for you to back down your 401k contributions and think about buying a small business and moving into an entrepreneurial endeavor? That's less of a financial planning dollars and cents question, and it's more of a what are Your life goals? Question. What are your life goals? Question. And what steps are we going to take to ultimately move towards those life goals?
- [02:32]
B
Well, I love this question because it allows me. Because the easy answer is like, oh no, just keep saving and investing in your portfolio. You get wealthy over time because we all know this is the journey that works. But I have a no hypocrite policy here and I would be a hypocrite if I told you gave you that advice when myself started my first venture when I was in my late 20s and I've told the story many times, is that we quit saving and invest. We quit investing, I should say, for a period of time. So we boosted up our cash to make it through the starting of the business and mine was after the clarity I got from the passing of my father and I knew I needed to change the way I was living my life. But here's the thing, is that cash, I think you're thinking about this the way you asked the question is can you quit saving? I mean, quit investing. I'm making the mistake over can I back down my 401k so I can start save building up cash for the acquisition. I'm going to tell you it goes beyond just the acquisition. You have to have also enough cash to make it through the success period. That even if you're buying a pretty good business, it's still going to potentially take two to three years for you to get traction for that business. Just because you've got to figure out how to do it, put the hours in, develop some type of mastery of the skill set. So don't skip out on the step we always call. Put on your 3D glasses. Make sure you run a business plan and a cash flow summary of the dream plan. This is, oh my gosh, this is going to turn out so swimmingly great. We're going to feel good that we did this. There's also the down to earth plan which is the reality of what you think will happen is a lot of good but also some pretty bad things coming your way and you're balanced it out. And then don't skip out on that doo doo plan. That's when, oh my gosh, we're 30 years old, way ahead of schedule. But because we did this business, man, we've really screwed things up. Are we going to be able to address this and still recover? And I think if you do the 3D plan, put on your 3D glasses and do that plan, I still don't want you to skip the homework and bo, hit onto this, you know, go to moneyguy.com we have our wealth multiplier. So you know what, every dollar for a 30 year old, and we know it, it's 23 times multiplier. But then also don't sleep on the fact that you could go to learn.moneyguy.com and we have your know your number course. Because I don't hate the idea of you kind of figuring out how much money you need to save up, but then almost how much money you need to put a moat around and protect for the future. So you can kind of play this out as you're doing your 3D glasses playing, you know what's still working, your army of dollars that are working in the background, that are separate from this new business venture. But you just don't skip out on those steps. Because I've used this analogy a few times now is that you're digging for a pot of gold and it very well could be eight feet down, but if you only dig six feet, you don't go reach your goal. And that cash is going to be the shovel that gets you to that point. And also, I don't know what type of business you're starting. I got fortunate that I started this business for the right reasons and then it caught traction and then it succeeded. My wildest expectations on income, on happiness and all the other things. But there are a lot of businesses, especially when you're buying somebody else's business. Maybe this is just a lifestyle business as you're buying, maybe you're going from. Because we've seen people do this where they're working in the high tech industry where they're making really huge incomes. Because to have $500,000 at age 30 means you've got a big shovel.
- [06:11]
C
That's what I was going to throw a little, I don't say cold water, but I was going to throw a little bit of cold water on that.
- [06:15]
B
Well, but I imagine because like I said, it could be a lifestyle business because that's a big thing on social media right now is you know, get wealthy, get off the grid and go buy a business, you know, where you're washing windows or doing something or you know, pressure washing driveways. I don't know what the business acquisition is, but be realistic on what this will do and make sure once again do the 3D glasses where you're taking into account all these scenarios.
- [06:40]
C
Well, I just, I'm curious because have you ever seen someone do this? They, they believe. And by the way, we love entrepreneurship. We Love small business ownership, but you've ever seen someone kind of go into it with this rosy idea of how amazing and how wonderful it's going to be? And when I hear that you have two 30 year olds here that are able to amass half a million dollars by the age of 30, whatever you have been doing thus far must have been pretty good or pretty effective or pretty productive. I would ask the question man okay, measure two, three, four times. Is the thing that I'm walking away from the gig that I have been doing, does it make sense to walk away from that? Because I think a lot of people believe that entrepreneurship may be this wonderful amazing thing and while it can be, it's not a given. And oftentimes we find ourselves thinking that the grass is always greener somewhere else and we don't recognize hey, the grass is actually pretty stinking green right where I am. Agree, disagree.
- [07:38]
B
I mean I do, I would, I would just encourage. I think part of what you're hitting on BO is make sure you're more doer than Dreamer. There's a lot of businesses out there. I've sat in conferences where they're telling people how to be great entrepreneurs and starters and it feels like the curriculum is written for the dreamers and you know, and keep signing up for the coaching and all these other things. And then I find myself I class my classify myself as a because I have multiple seven figure businesses is that sometimes I'm like I don't know that these people have graduated from dreamer to the doer. That's why I like Putting on your 3D glasses is because it's going to let you actually create the business plan for all situations that are coming your way. If you find out that this is just too much risk. Here's something we had an early retiree in the past where there's nothing that says that you don't expand this out five years, go ahead and lock down both goals a little bit. But also it's a cautionary tales because I don't want you deferring too much of your life because it's the same thing. You could make the same argument about having kids and other things. I feel like sometimes as financial mutants we're so good at doing things sometimes that we defer that deferred gratification and discipline muscle so strong that we can push things off too long. And then you bought the farm, you've got the house, you got the mortgage, you got the kids. And then it's much harder to start a business once you've got all those things in your corner, so it's a balancing act.
- [09:09]
C
Great.
- [09:09]
A
For sure. Well, great answer. Second Rush I hope that gives you a lot to think about and helps you make your decision.
- [09:16]
B
I like those business questions though, because that's something. I mean, we're good at telling you what to do with your next dollar, but it is fun to think about and kind of go down memory lane of the entrepreneurship journey.
- [09:28]
A
Love it. Second Rush if you would like a money guy Tumblr, you can email winneroneyguy.com.
- [09:33]
C
Aren't you so glad we gave away tumblers today? Look how happy we're making people.
- [09:37]
A
See, I know. I'm all for a Tumblr day.
- [09:39]
B
See, am I the only one that just is like, hey, we said every other week. And then I guess I'm the Ebenezer Scrooge of this Christmas carol that we're doing today.
- [09:49]
C
When I think of us, I think of him as the Scrooge. You know what I mean? That's what I think of.
- [09:52]
A
I guess we haven't asked our admin team how they feel about that.
- [09:56]
C
That's true.
- [09:57]
B
There's the people who be like, man, we should listen to Brian.
- [09:59]
C
Our bad.
- [10:02]
A
All right, next question is from NickDanger 1080.
- [10:06]
B
Well, that's a cool name.
- [10:07]
A
It is a cool name.
- [10:08]
B
I bet his parents aren't making small cutouts of him that they're sending all over the country.
- [10:15]
A
So he says, house question. Our down payment has grown well past 20% while we wait to buy the right house, should we invest the money above 20% or keep saving for a bigger down payment? I'm guessing in cash. He says they're not in a rush to buy. What are your thoughts?
- [10:33]
B
Well, we don't have enough context.
- [10:36]
C
Yeah, we need to know a little bit more. So, okay, so one of the things that we do and you can go to moneyguy.com resources and check this out. We have a home buying checklist. It's all these questions that you should ask yourself before you buy a home to make sure you're making the right decision. And one of the things you'll see on there is like, okay, how long is my time horizon? Do I think I'm going to be in this place for five to seven years? Do I believe that the total housing costs are going to be below 25% of my gross income? And then how much should I put for my down payment? And we believe that first time homebuyers don't necessarily have to put 20% down I think a lot of us and a lot of our team here only put down 3%, 5%, 10% on.
- [11:18]
B
Only on the first home.
- [11:19]
C
On the first home. So Nick, we don't know which home this is for. If you guys are buying your very first home, then you might need to save up to 20%, but you might not have to. Here's what I worry about and this is why I think you said we don't have enough context whenever there's an uncertain financial goal. And I'm going to say he just said we're not in any hurry. We don't know we're going to get there. We've got 20% down targeted. Well, if you continue building up cash and saving cash, let's say that you don't buy a house for another 12, 24, 36, 48 months. In my opinion, above and beyond the 20%, there's a lot of opportunity cost loss there, especially for young folks that those dollars might could have been deployed to go work harder than, than they would if they're just sitting in cash. So what I again, we need more context. I don't know like how expensive the house he's buying is, but I don't love the thought of just arbitrarily building up that cash when it could be used.
- [12:21]
B
I'll specifically say what was missing. There is, remember there's different phases of your life. There is the make wealth phase. That's where you're actually doing the get wealthy behaviors of building your army of dollar bills in the background. And for a lot of people, when you're saving up for a house, a lot of times the goal of owning of homeownership is so strong that people will lower their saving for the future, you know, because they want to get as much into that house down payment as possible. So I don't know if Nick Danger is in the make wealth phase or if he's in the maintain wealth phase. And typically when I like to see people paying down mortgages or putting down huge down payments well beyond 20% and beyond, it's because you're so far ahead of the curve on your making and now you're making wealth and now you're into the maintaining wealth that you're de risking your financial life if you're doing this before you even hit the make phase. And you probably, you know, because. Did Nick give us his age?
- [13:20]
C
Oh, he said follow up. It's our second house and we're well on track for early retirement around age 50.
- [13:25]
B
Are they 50 now or no no.
- [13:27]
C
They'Re on track for early retirement by age.
- [13:29]
B
So that means that they're under 45. So but definitely that answers the question it's got to be beyond 20%, which I like that. But now you've got it and I look, it feels like the third time I've brought this up, but I think it's very important tool and it's why we put it out there is you go to learn.moneyguy.com and the know your number. You got to know if you're ahead of the curve, behind the curve, or right where you're supposed to be. It's exactly why we created this tool in this course is because that is going to be the answer. Mid 30s to help you out. See it mid 30s, I mean, assuming they have a big shovel, which they have, you know, to save and build. But have they been deploying that into building retirement assets, to building up emergency reserves, to maxing out the Roth, you know, going through the whole financial order of operations. These things all work together. It I have to financially, you know, triage his situation to know how much beyond 20% or if we need to be right at 20%. Because maybe, like I said, they put so much toward the housing goal that they're now behind the curve and we need to get that money working ASAP for the future. That's the part I hate about doing this. Well, is because that answer is. It depends.
- [14:40]
C
It depends. But you know, one thing I will throw out there for home buyers. And Nick, if this is your second home, you know this. The costs of buying a home often exceed the cost it takes to acquire the home, meaning the down payment and the closing cost and all that kind of stuff because you get into a new home and then you got to buy furniture and if your wife won't let you keep the $8 blinds on the windows, you got to buy window fixtures and you got to do all this stuff. So there is some cushion that you also need, especially when you're buying a secondary, a second home or moving into another home, you might need bigger yard, you need the bigger lawn mower, whatever the thing may be. So I would begin to factor in all those costs because I don't think it's crazy to save for those costs as well. So that again, you just make the transition into the new home as smooth and as seamless as possible. But man, for someone in their mid-30s, that those dollars are still so powerful, I don't want them to just be sitting there idle, not working for you if they could be working for you.
- [15:34]
B
That's why I like doing the homework.
- [15:37]
C
Doing the homework.
- [15:38]
A
Wonderful.
- [15:38]
C
Nick Danger.
- [15:40]
A
It's a good name, isn't it? All right, Nick Danger. If you would like a money guy Tumblr, you can email winneroneyguy.com. thank you so much for your question.
- [15:50]
C
With a name like that, you know, nobody ever just calls you by your first name. Like if you know you Nick Danger. Like no one ever called James Bond James.
- [15:56]
A
You gotta say Nick Danger.
- [15:57]
C
It was always James Bond. So like Nick Danger. You would say that name every day.
- [16:00]
B
You would think you'd be Danger. Nick, Nick Danger.
- [16:03]
C
I mean, if he did it that way. Yeah, that's how it would go.
- [16:07]
A
All right, next question.
- [16:09]
B
That's third.
- [16:10]
C
Nailed it, dude. Next Bond over here. You know what I mean?
- [16:14]
A
We got all the impressions coming.
- [16:17]
C
Okay. Was that your British accent?
- [16:21]
B
That's my British accent.
- [16:26]
C
If there were any other lines in the movie besides bloody Beatles, I don't think, I don't think you would get it.
- [16:31]
B
Yeah.
- [16:32]
A
All right, next question.
- [16:34]
B
I got her.
- [16:35]
A
Is from Michael T. This is a pretty timely one, so I'll be interested in your answer. It says with bonus season coming up, what is the best use of bonus money? Should you use your bonus to pay off debt and build your six month savings? Or should you go into remodels or a down payment for a car?
- [16:53]
B
How about buy a chocolate factory.
- [16:58]
C
Maybe a swimming pool? Obviously if you're a cash bonus, not like a jelly of the month. It kind of depends on whatever. Whenever we have found money, whether it be bonuses, whether it be RSU's, whether it be pay raises, whether it be inheritance, whether it be gifts, whenever we have money coming to our possession, we ought to have a system that we think through about, man, what's the best way for me to deploy these dollars? And you know what? If you don't have one, we happen to have one for you. And we call it the financial order of operations. It is a nine step, tried and true process to tell you what you should think about doing with your next dollar. And so when you have a bonus come through at the end of the year, the very first thing I would do is I would go triage my financial situation. Say, okay, where am I on the financial order of operations? And are there some areas that I need to bolster? Is my emergency fund not quite built up? Maybe I need to do that. Did I not max out my Roth or max out my hsa? Perhaps I should do that. Or maybe I didn't max out my 401k. But I know this bonus is coming so I can jack up my percentage and I can get that thing max. I think using the Foo would be a great place to start to figure out how to think about using that annual bonus at the end of the year.
- [18:10]
B
Oh for sure. And that's what I like because you know, good financial planning is obviously personal is built into personal finance. And we always give these answers, it depends. But I love how the financial order of operations actually lets you see where the answer lies. And just to let you know, like here at the office I still run payroll, so I'm getting all these crazy one off requests. Like yesterday I had an employee say hey, I still have this much left on my hsa. Can you take that out of my bonus? Hey, I want to max out my 401k. Can you give me all these, you know, can you put this much extra into my December paycheck? And so all these one offs. So financial mutants that work here at Abound wealth do the exact same thing. So I think you should Michael T. Go through the process of looking the financial order of operations, figuring out it might be a multiple answer there. If you've top off the cash reserves just like Bo said, maybe you're getting those year end planning opportunities in but make that situation tied to your personal situation so you can live your best financial life and kick off the coming year that much better.
- [19:14]
C
Now if you are someone who is getting an annual bonus coming through and I don't know the answer, I'm going to ask you this question Brian because a lot of people, hey, we want you following the financial order operation, we want you doing that sort of thing. But even when someone has like an inheritance or they come into a big windfall and bonuses be a big windfall, I do often hear you say, hey, it's great to fund all your financial goals but it's okay to live a little bit. How would you counsel someone to think through that? Is it okay to use some portion of that for some non finance, non future financial related goals?
- [19:45]
B
Well, it's no different. I mean if you think about people who are dieting or doing anything that really uses the discipline muscle. If you don't put a little life in there, it's not sustainable. So that's why, you know, even I've shared many times, you know like a 60, 40 split on pay raises to where you, yeah, if you're way behind on your savings rate, let's put 60% of that pay raise towards increasing savings rates. But how about you living a little bit extra, keeping some of that for lifestyle and other things because otherwise you. That's the difference between financial mutant versus a miser. So I'm not going, I'm not going to pick on you. So, like if you won the lottery, of course you're going to go buy something. You should go buy something. But maybe you only go buy something that costs, you know, pimple how big the jackpot is. But you know, it's 5 to 10% versus doing, you know, turning the hedonic treadmill upside down and buying a new car, new house, new boat, all at the same year and not spreading out those good things over time to enjoy it. That's where lottery winners screw it up. It's not the fact that you get to go out there and enjoy yourself. So by all means, if you get a bonus or something, enjoy yourself, but do it at scale so that you're not wasting and look back and go, man, I really messed up and didn't let some of that money pay it forward for the future. Make a good small incremental decision today. Let's go build my great big beautiful tomorrow.
- [21:06]
C
If you do win the lottery, I would encourage you go to aboundwealth.com workwealth we'd love to have a conversation. By the way, do we have a new video?
- [21:13]
A
Do we have a new video?
- [21:14]
C
I believe we have a brand new video up there. If you've not checked out the new video@ aboundwealth.com workwithus you ought to check it out. We just got that recorded pretty recently and I think it's pretty awesome.
- [21:25]
B
Yeah, I don't know how we look younger because that other video was 4 years old.
- [21:31]
C
Even older than that. Because it was in the old. It was in the old.
- [21:34]
B
I think we look younger in this new video. Maybe I shouldn't say that out loud for myself. You're not supposed to date yourself. But it's.
- [21:41]
C
Well, I like it though because we're focused on health. Health is wealth. And so we're trying to, you know, trying to Benjamin Button this thing, you know what I mean? Work backwards.
- [21:50]
A
And also you guys mentioned the foo. If you are new to the money guy show or you don't know what the foo is. We have a financial order of operations course that we are having a huge sale on through the end of the year.
- [22:01]
B
Hey, yeah, look at that. I didn't even give a financial meeting deal that's still sitting out there.
- [22:05]
A
That's why she's here all Right, you guys ready for the next question? Oh, wait, Michael. If you would like a Tumblr, you can email winneroneyguy.com.
- [22:17]
C
This was Michael. Was this a different Michael T. It.
- [22:20]
A
Was a different Michael T. All right, so.
- [22:21]
C
Hey, Mike. No doubling up.
- [22:23]
B
Michael T. So, Megan, this is your second time being on the show. I feel like your broadcast voice kicks in when you do the winner probably. Did you notice that? I loved it. I was like, look, Megan's discovering her broadcast voice. It's kind of cool. Now she's gonna be self conscious. I'm so sorry. I should have done that afterwards.
- [22:41]
C
Way to call around in real time.
- [22:45]
B
When you have some more questions to do.
- [22:46]
A
Well, I've still got my money@moneyguy.com in my head from last week, so. All right, this next question is from jjd. He says, can you guys explain a custodial account for my kids? I have a. I have five kids under the age of eight. Would you recommend a 529 or some type of custodial account for their future? What are the pros and cons of both of those?
- [23:12]
C
I'll answer the first. I want you to talk about custodial accounts specifically Brian, but I'll tell you in terms of which one to fund. First of all, if you have five kids under eight, that just. That screams to me, messy middle.
- [23:23]
B
That's maximum messy middle.
- [23:25]
C
Oh, man, that's awesome.
- [23:27]
B
What are. What is life like for jj?
- [23:29]
C
I bet it's awesome. It's just wild. Which is awesome. So the question becomes, okay, well, what are the different kind of accounts available to me? Well, how you decide what you fund will depend on the goal for those dollars. Is the goal to save for college? Well, then maybe I should use an account like a529. Is the goal to help them build towards financial independence? Maybe I should do account like a custodial Roth. Or is this for some intermediate term goal? Is it for a wedding or a first time home purchase or a car or whatever that may be? Well, then maybe I should use just a regular custodial account. So, Brian, how. What are custodial accounts and how do they work ultimately?
- [24:10]
B
Yeah, by the way, before we even get to this, you know, go to moneyguy.com resources and when you pull up the financial order operations, JJ, you don't set up these accounts until you get to step eight of the financial order operations. I know parents. We all love our kids. And you're like, step eight, Isn't it only nine steps? And like, yeah, you have to make sure your financial situation is in a good place before we set up the kids. And so I just want to make sure. But now I'm going to give you benefit of doubt. Even though you got five kids under the age of eight, you've been busy. Is that it's one of those things where we've got, I'm assuming you've got a good financial life underneath you or a base you've got steps one through seven. It is. Bo is exactly right. I will tell you from my own personal journey. I like the 529s first, typically, because, you know, it's aspirational to assume that you're going to want your kids to either go to trade school or to go to college. And it's nice when that money has grown tax free over their first 18 years of life. I mean, it's very powerful. I've got a junior in college right now and it kind of has worked out in a beautiful way to pay for her college. She's gonna graduate tax free. I mean debt free. And I've paid for her college with a lot of gains, tax free. So those things go hand in hand together. And it's worked out now I've also, because I was such a financial mutant when she was born, I started off at $50 a month into a custodial account. What? A custodial account? Getting back to Bo's question, this is just setting up basically a brokerage account built on your child's Social Security number, not yours. That potentially can be a lower tax rate still, if you have any current taxes. Now, in the beginning you don't have taxes because they give you a break. As long as the income's under some sort of threshold. Yeah, I could give you a number, but in a few years it won't matter. But just know, typically around that first thousand bucks or so you're going to be able. And it's going to take a while for you to save up enough money to where you're getting those type of year end distributions and stuff. So that's kind of nice that that money's just growing in the background and it can help. Exactly what Bo said. I did it because I knew I was going to be a tightwad on mar on weddings. And I know how expensive weddings are. And I was like, well, If I do $50 a month, maybe this thing will make it seem a little more doable when my wife has her big cost expenses for this wedding and gets her hands in on it. But that's secondary to the education stuff. And then BO hit the third goal thing that I think is very powerful. And I started this when my daughter was 14, 15 years old when she started working. It started off originally as babysitting and then she started working at Chick Fil A in high school. Is that I helped her set up a custodial Roth ira. That's when once your kids start having earned income because with all Roth accounts they require earned income. I started doing dollar for dollar matching to try to help prime the pump of her good saving and investing behaviors. That's kind of the order I always think of education kind of first because that's aspirational to help create opportunity. If you have. If you've done such a good job of being a financial mutant, of course you can then do custodial accounts. And then once your kids get to the point they have earned income. I love those custodial Roth IRAs. Love it.
- [27:35]
A
Great. Some exciting stuff. JJD, thank you so much for your question. If you would like a money guy tumblr you can email winneroneyguy.com you guys good for one more?
- [27:46]
C
Let's do it.
- [27:47]
A
All right.
- [27:49]
C
That's awesome.
- [27:50]
A
This will be a fun one for the holidays. This is from Isaiah C. He says what kind of books would you recommend to read that go over personal finance and personal development. I love your book and curious on other books you read that made you who you are today.
- [28:05]
C
I was gonna say I can't think of one. I can't think of one.
- [28:09]
B
He at least built it in there. The only thing he could have done better. Isaiah could have done better was to go to moneyguy.com millionaire mission because that is my book and like I said, I am by the way, I'll share a little something behind the scenes that only the live stream gets to know. I've already exceeded my 12 month goal.
- [28:31]
C
When you do your 3D glasses.
- [28:33]
B
Yeah, I mean because look, I foregoed a front end advance from one publisher, a well known publisher who's got a well known book that I think they're worried that the author is getting a little older and they were looking to kind of refresh the brand. So they were like hey, maybe Brian might have something. So I forego that six figure advanced for a different package. And you guys have already helped us in the first six months exceed those sales goals. So Millionaire Mission and I wrote this for my. I was thinking with myself in mind. That's why I started it off with my Mr. Morrow moment where I was thinking about man, I Came out of school with all this good intent on saving and investing for the future. But I just didn't know what to do. Even though I had the desire, I had the discipline. Everybody talks about you need to make your money work for you, but nobody ever tells you what actually to do. Well, I've given you now the instruction manual on what to do with your next dollar. And it doesn't matter where you are in the journey. Of course it works great for somebody at the beginning, but also if you're somebody who just found the show, you're part of that 2.2 million people that discovered us in the last 90 days, or 2.4 million people. This is still going to work for you if you're 35 or 40 years of age, or even 45. So I checked that out. Now, the second part of your question was what other books I've shared my journey? Wealthy Barber was great because it was written like a narrative book. The beginning of this, a storybook, can be a powerful thing. Having a narrative of your following different characters in different scenarios. Because I wasn't as financially minded back then. And then the second book, which was great for, for the behaviors that is shared, but was written a little drier, it wasn't a narrative form, was Millionaire Next Door. And that's why I've tried to go really in between because I give you lots of stories but also give you lots of data points so that hopefully now, of course, I've got the backbone of the financial order of operations weaved throughout the whole process. So I like to think that I took the inspiration of books that helped me along the journey. But I've put my own fingerprints on it and really pushed it up for what I've discovered over my 30 plus years of working on this type of stuff so that you can benefit yourself.
- [31:00]
C
So those are all amazing personal finance books. You said personal finance and personal development.
- [31:05]
B
There are some other books too.
- [31:06]
C
Personal development I'll just throw out. My absolute favorite book on personal development is Dale Carnegie's how to Win Friends at and Influence People. I think it's a must read for everyone in all walks of life, at all stages of life. I think it's amazing if you can understand how to interact with other people. It'll help you in your business world, It'll help you with your colleagues, it'll help you with your spouse, it'll help you with all the people that you interact with. It's a great one for personal development.
- [31:28]
B
And don't let its age scare you. I mean because that's one of those things that shows me that there really is, there's nothing new under the sun, is that, you see, this is the granddaddy of how to understand human emotions and how people work, what motivates them. And it's powerful. It still works.
- [31:47]
A
All right, thank you, Isaiah, for your question. If you would like a MoneyGuy Tumblr, you can email winneroneyguy.com alright, you guys. Well, thank you so much to everybody for tuning in. We love creating content for y'all and answering your questions. If you would like any of the resources that we talked about today, you can find them@moneyguy.com resources and check out those mini shows coming out every Wednesday at 8:00am wow, that was pretty good.
- [32:13]
C
Very efficient.
- [32:14]
B
I'm not surprised. I was waiting for a long time. It's my turn now.
- [32:18]
A
I'm gonna swing it over to you, Brian.
- [32:20]
B
I think this is a perfect segue that there is a better way to do money. And I just want to remind everybody. Respect the financial order of operations. Respect the foo. I'm your host, Brian Preston. Mr. Bo Hanson, MoneyGuy team out.
- [32:35]
D
The Money Guy show is hosted by Brian Preston. Abound Wealth Management is a registered investment advisory firm regulated by the securities Exchange Commission. In accordance and compliance with the securities laws and regulations, Abound Wealth Management does not render or offer to render personalized investment or tax advice through the Money Guy Show. The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice.